The TSP is one of the largest retirement plans in the world!
One of the best features offered by the TSP is the low fees. However, what are you getting for those low fees and is it a worthwhile investment?
I answer these questions and more.
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Cooper Mitchell helps federal employees better understand their benefits and helps them retire on their terms. Using financial planning and investment management through Cooper is able to tackle the issues that are unique to federal employees.
Cooper is also a public speaker who is available for various federal conferences and events.
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Did the withdrawal options change since this video was made in 2016? From the TSP website: There are three basic methods of withdrawing money from your TSP account as a separated or participant:
installment payments
monthly, quarterly, or annual
fixed dollar amount or based on life expectancy
single withdrawals
annuity purchases
You can use one of these methods or any combination of them that you choose. There is no limit of the number of withdrawals you can take after you retire, though processing times limit you to no more than one every 30 calendar days.
This tells me as long as I stick to max 1 withdrawal per month, I can do it however I like in whatever amounts I choose. Am I mistaken?
Separate topic: I am also considering transferring a portion of my balance to a Vanguard IRA account now while still a federal employee and continuing to contribute to my TSP. Thinking I'd leave around $20K in it now and continue to grow it through continued contributions.
I'm retiring from federal service next year at 62 years of age. Could you pleased do a video about what is advisable for rolling over or transfering my monies out of the TSP upon retirement? My intent is simply to take $1,000 out per month for the rest of my life…..with a large sum remaining upon my death. However I do not like the limitations of TSP withdrawals. I would like to be able to withdraw a lump sum if I should need it over the years of my retirement.
Thanks again, can you do a video and explain how they lump the money together in the tsp if you have pre tax money, and money in the roth tsp. The good and bad points to this, also when you take out a tsp loan it comes out of both money. Also do you think the tsp will ever allow you to transfer your pretax to the roth tsp.